Considered “the place where Mexico was born” after the signing of the 1917 constitution took place there, Queretaro is now a prominent hub for both national and foreign investments.
One of the biggest advantages Queretaro leverages for economic success is its strategic central location, just two hours from the nation’s capital, Mexico City.
Queretaro also lies at a convergence point between the northwestern, western and central Mexican motorways, including the Pan-American Highway, which passes through Queretaro on its way from Mexico City, crossing the United States border in Texas.
This connectivity is a significant contributing factor of the state’s ability to attract foreign direct investment (FDI). Favourable legislation for investors additionally makes Queretaro an attractive site for economic opportunities.
Infrastructure is an essential component of Queretaro’s continuing development. The state is equipped with convenient train routes, 15 industrial parks and a state-of-the-art intentional airport in the capital city of Santiago de Queretaro. The government allocates a considerable portion of the state’s budget toward further improving and developing the infrastructure as well as supporting investors.
The local government has assured that those interested in FDI can count on state and federal support, especially in the emerging aeronautics industry.
In recent years, Queretaro has become a hub for the up-and-coming aerospace sector in Mexico, which in 2010 attracted $1.25 billion (£78 million) in investments. “This sector is expected to grow by 200 per cent over the next two years,” says Jose Calzada Rovirosa, Governor of the State of Queretaro.
The Canadian airplane giant Bombardier has one of its premier plants in Queretaro, which manufactures fuselage and electrical systems for the Learjet 85 business aircraft. The company has plans to expand its operations in the Mexican state, committing at least $450 million.
Two other prominent firms also have their sights on Queretaro for aeronautical manufacturing. US-based General Electric has recently opened a $20-million facility that makes parts for the Airbus 380. Additionally, Eurocopter has invested $550 million in building a factory that manufactures helicopter-related export products.
Multinationals in other sectors such as automotive, service, tourism and agricultural, including prominent companies such as Kellogg, have also all decided to settled in Queretaro, allowing the state to enjoy a GDP which exceeds the national average.
This high economic success in Queretaro means that it is one of the states with the highest standard of living in the country, as well as consistent employment for the regional population.
Moreover, this stability, along with countless attractions throughout the region, has made Queretaro one of the top mainland Mexican tourist destinations, attracting almost 2 million visitors every year. In fact Santiago de Queretaro is a World Heritage Site, significant because it has managed to maintain the original 17th century city plan and Baroque architecture developed by Spanish colonialists. In addition to the capital, Sierra Gorda, the famed biosphere reserve, along with the Pueblo Magico (Magical Village) of Bernal are other prime attractions in Queretaro. The thriving tourism industry in the Mexican state parallels the general trend of continuing growth in Queretaro.
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